KATHMANDU, May 30: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel have said that he will give top priority to the implementation of the upcoming Fiscal Year (FY) budget, which was presented in parliament on Thursday.
Speaking at a press conference organized at the Ministry of Finance (MoF) today regarding the budget for the FY 2025/26, Minister Paudel said that the implementation process will begin immediately and will not wait until the start of the new FY in mid-July.
“The question of budget implementation is challenging. This budget has not been brought just to appease the citizens. Its effective implementation will take place. From today onward, my focus will be on budget implementation,” he said, “The MoF has already started preparing a practical and objective action plan for the implementation of the budget. For projects that have completed preparatory work, we do not need to wait until mid-July. We can move the process forward right now.”
FinMin Paudel reiterates commitment to effective implementation...
Finance Minister Paudel claimed that this time the budget size is not overly ambitious and has been presented in a realistic manner in terms of revenue and expenditure. He also stated that the budget policy includes increasing capital expenditure, keeping current expenses within a certain limit, and raising the amount of financial transfers to provinces and local levels.
He expressed optimism that the revenue targets set through the budget will be achieved by the end of the upcoming FY. Regarding internal debt, Minister Paudel said the estimates have been made within the limits set by the Natural Resources and Finance Commission.
Minister Paudel also mentioned that the budget has put forward some policy reforms. He said there is a policy to mobilize resources through alternative financing for economic development and prosperity.
Finance Minister Paudel stated that a limit has been set for consultancy services accordingly so that provinces and local levels can also prepare realistic budgets. He also mentioned that efforts are being made to link the national identity card with social security and other benefits. Additionally, he explained that the value-added tax on digital payments and advance income tax at customs points have been removed.
